The market has been experiencing "excellent rental rate bargains," and many companies have opted for renewals, the report states. Tenants inking early renewal deals are benefiting from the trend. The market has plenty of attractive options, making retaining tenants a priority of property owners.
Some of the central business district and suburban market sectors' biggest deals were done in the second quarter.
While supply will increase in the central business district as two new buildings are completed by the end of the year, available sublease space probably has peaked out here. Tenants have been attracted to the two new buildings but also want appealing deals, resulting in about 320,000 sf of leasing activity that is mainly renewals.
And although leasing activity this year is less than it was before 2001, many notable leases were done in the Miami Airport area, the metropolitan area's largest suburban submarket. Around 300,000 sf in leases were signed recently at two of the main class A office parks, Doral Center and Airport Corporate Center. These deals also were largely renewals.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
